Nuveen LLC Purchases New Position in IAC Inc. $IAC

Key Points

• Nuveen LLC has acquired 170,271 shares of IAC Inc., valued at approximately $7.82 million, representing a 0.23% ownership stake in the company.
• JPMorgan Chase & Co. increased its holdings in IAC by 11.4%, now owning over 5.4 million shares worth approximately $250 million.
• Analysts have been adjusting their price targets for IAC, with a consensus target of $47.92 and most analysts maintaining a "buy" rating.

Nuveen LLC bought a new position in shares of IAC Inc. (NASDAQ:IAC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 170,271 shares of the company's stock, valued at approximately $7,822,000. Nuveen LLC owned about 0.23% of IAC as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. TD Private Client Wealth LLC grew its stake in shares of IAC by 282.2% in the first quarter. TD Private Client Wealth LLC now owns 581 shares of the company's stock valued at $27,000 after buying an additional 429 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of IAC by 1,422.0% in the first quarter. Parallel Advisors LLC now owns 624 shares of the company's stock valued at $29,000 after buying an additional 583 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of IAC by 426.1% in the first quarter. Fifth Third Bancorp now owns 626 shares of the company's stock valued at $29,000 after buying an additional 507 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of IAC by 118.6% in the first quarter. Versant Capital Management Inc now owns 680 shares of the company's stock valued at $31,000 after buying an additional 369 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of IAC by 219.4% in the first quarter. GAMMA Investing LLC now owns 757 shares of the company's stock valued at $35,000 after buying an additional 520 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Piper Sandler dropped their price objective on IAC from $44.00 to $39.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. Oppenheimer dropped their price objective on IAC from $60.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, August 6th. Cowen reaffirmed a "buy" rating on shares of IAC in a research note on Monday, May 5th. Truist Financial dropped their price objective on IAC from $61.00 to $57.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Finally, Benchmark dropped their price objective on IAC from $63.00 to $60.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Twelve investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, IAC currently has an average rating of "Moderate Buy" and an average target price of $47.92.

IAC Stock Down 0.2%

IAC traded down $0.09 on Friday, hitting $36.62. 775,069 shares of the company were exchanged, compared to its average volume of 1,663,687. IAC Inc. has a twelve month low of $32.04 and a twelve month high of $55.40. The company has a market cap of $2.72 billion, a price-to-earnings ratio of -6.79 and a beta of 1.23. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.29. The firm has a 50-day moving average price of $37.88 and a two-hundred day moving average price of $39.01.

IAC (NASDAQ:IAC - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $2.57 EPS for the quarter, topping the consensus estimate of ($0.30) by $2.87. IAC had a negative return on equity of 8.23% and a negative net margin of 14.52%.The firm had revenue of $586.93 million during the quarter, compared to analysts' expectations of $601.38 million. During the same period in the previous year, the firm posted ($1.71) EPS. IAC's revenue for the quarter was down 7.5% on a year-over-year basis. On average, equities analysts predict that IAC Inc. will post 0.43 earnings per share for the current year.

IAC Company Profile

IAC Inc, together with its subsidiaries, operates as a media and internet company worldwide. The company publishes original and engaging digital content in the form of articles, illustrations, and videos and images across entertainment, food, home, beauty, travel, health, family, luxury, and fashion areas; and magazines related to women and lifestyle.